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together to stop us from becoming greece. >> yes. >> man up, barack obama. strong words. >> he has a chance to be an historic president. what makes us greece? it's not because the tax code is at 35% versus 39.6. what's going to make this country greece, like every other western nation, retiring at 10,000 a day in terms of baby boomer, three workers for every retiree, in 20 years we'll have two. medicare and social security are about $30 trillion underfunded. if you did what tip o'neill and ronald reagan chose to do, reform entitlements, we become the most dominant place on the planet pretty quickly. so what i would plead with the president to do is use this mandate. redo revenue, which we should. but what keeps us from becoming the country we want to be and damns the future generations is entitlement and spending. when i was 21, my mom died, when i was 22 my dad died. if it wasn't for social security survivor benefits, my sister would have never gone to college. social security is going to fail. when i was 22 we needed the 300 and something bucks we got a month. i'm 57, i have no kids, i co
. but in the long run it's a healthier economy that doesn't go down the path of greece. if the long run greece would have low unemployment, but they do not, but yes, we're going to go a percent, if it happens the worse case scenario, but in five years we won't be not able to borrow money. >> brenda: julian, you can go ahead and respond. >> first of l, the ernst & young study has been debunked over and ov. and number two, the bush tax cuts, if you let the bh tax cuts. the crs study was a republican study and found the same thing as the cbo. if you let bush tax cuts expire on everybody, yes, you would have negative economic impact. the two staetudies done recentl shows the top two rates, top 2%, virtually no impact. to jonas' point if you raise taxes the lot and cut spending a lot and so austerity plan, that would have an impact. democrats were for pouring more money into the compli with stimulus and republicans wanted austerity and jonas' point is an argument against what conservatives were pushing for. >> brenda: all right. toby. >> what's the question? >> driving a smart car. >> and we did a survey
it from becoming greece and save social security and medicare and to anybody listening to this program, i'll raise the debt ceiling only if we save medicare and social security from insolvency and prevent this country from becoming greece. >> prevent this country from becoming greece. what is your reaction to that? >> absolute and utter nonsense. this country is not becoming greece. this country -- this country, frankly, has a big unemployment problem. we have a deficit problem in the short term, not the long term. it's not a real problem now. our bonds selling higher than before and lower interest rates. it's not an immediate problem. he's saying what's worse. what he is saying is use blackmail on the entire economy like a gangster. pity if it happens to blow up. not increasing the debt ceiling -- >> already did that before. they have done it before. >> they have. >> and will do it again. >> frankly, that is obnoxious beyond belief. the president should not concede or negotiate on that basis at all. >> the president is adamant on the fact that's not a part of this conversation. >> it can
. greece unveiling that $10 billion eurobond buyback. a 52-week high in france and germany. our road map this morning begins in washington where fiscal cliff negotiations according to the "times" has "collapsed." at least for now. with less than a month until the deadline, who blinks first if anyone? >> goldman takes dell from a strength to a buy. is it time to look at the stock and maybe even other players in the beat up personal computer sector? >> manufacturing data out of china. not bad. 50.6. that's the highest in seven months. although shanghai again trades lower even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on
ban them and it -- >> greg: the funny thing is we talk about greece, but before there was greece, there was detroit. detroit is greece. if it was only the acropolis. dead city. people left because they couldn't make a living, the unions suffocate pod tenial. >> bob: true about toledo and cleveland and cincinnati? the northern cities that have had bleed of workers? >> eric: i will make a wage with you. now that snyder signs it off and right to work, i bet an auto company goes -- brand new, never done business before in detroit. >> kimberly: you will lose this bet, bob. >> eric: coming up, 2004 south korean singer rapped about killing americans in 2019 and is invited to perform for president obama. ♪ ♪ >> eric: maybe not. we will gangmam bang it out next. and make sure you go to the facebook page. we are updating and posting facebook.com/thefivefnc. click like. we'll be right back. ♪ ♪ [ malennouncer ] it's tt time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay more than you have to. only
that didn't have. greece does not have an exit. citigroup had a 90% chance earlier this year. the biggest day of this jurn year was june 17th when they elected a moderate who did not try to pull greece out. and germany stepped up and gave them some money and that september the 6th, that was the european central bank. so you had china, maria, the united states and greece. none of them went off the cliff. maria, this is for you. our little christmas present for you, maria. >> thank you. thank you. >> we want to remember, by the way, this is emblem attic of all these nice things you have said this week for the victims of the newtown connecticut tragedy. we love the way you all have been strong in support of them. >> thank you. i very much appreciate that. michael, let me ask you, what do you want to be avoiding in 2013? >> i think you have to look at it from the standpoint of extreme. it's clearly in the bond market. it's clearly in the love for dividends. it's clearly in the love for income versus capital appreciation, versus cycle kral. i call this the rocky balboa stock market. we've had
from becoming greece but i'm not going to set aside the $1.2 trillion in cuts. any hope of going over the fiscal cliff must start in the senate. not one democrat would support the idea that we could protect 99% of americans from a tax increase. boehner's plan b i thought made sense. to my republican colleagues, the ronald reagan model is if you get 80% of what you want, that's a good day. we have the same objective of more taxes. i like simpson-bowles. eliminate deductions, more rates, put money on the debt. tax rate hikes are a partisan solution driven by the president. but he's going to get tax rate hikes. to my republican colleagues, if we can protect 99% of the public from a tax hike, that is not a tax increase in my book. chuck, maybe you and me and some other people in the senate can find a way to find this on the short term but on the long term there's not going to be a deal any time soon. >> you think we're going to go over the cliff? >> i think we're going to fall out of the fiscal tree. there will not be a big deal. the big chance at the big deal is at the debt ceiling. that
. because if there is ever going to be a change, if michigan will be saved and not become worse than greece, it will be because of the governor snider and the republicans. >> and the president went there jed and a made his public comments. these are his supporters. >> oh, yes. >> he appeals to the union workers. >> well, beyond him not condemning it, why is he supporting a system that has led to no jobs in that state? the state is bankrupt. it is detroit. you don't -- >> next question. is michigan a preview of coming attractions for america because of democratic policies? because that is the outcrop of what happened in michigan. >> we have a series of greeces around the country. and one piece of good news is probably the first state to go bankrupt is california. california is so left wing, they could never elect a republican governor. neither republicans or democrats have an incentive to bail it out so i don't think we will see a federal bailout. fortunately california will go first and probably not michigan. >> ann coulter, great to he sue. >> last show of the year. see you next year, sean
in the manner greece is so doing. we're on our way to becoming another greek tragedy, unless we gee the economy growing 3 to 4% a year the debt will outrun us. before a matter of time all the government programs the democrats are giving them. that is why they reelected president obama will not be there. melissa: lindsey, at what point does it become painful for americans? he talks about all of sudden we can't issue debt. we talk about how much china owes of our, owns of our debt. we own a lot of our own debt too. >> that's the problem. we're really at the precipice. this is the point we have to make the tough decision if we will become the next greece or reform the programs and make a discernable dent into the debt we already service that we have right now. really doesn't seem like either side is willing to make concession. obama is only going to concede if he can tell his populace if he raised taxes on rich. republicans will only succeed if we made a dent in spending. neither side looks like they want to give. >> john, are we at a tippingpoint in the debt crisis we're starting to borrow more t
to the trading day. investors are waiting for the results of greece's bond buyback program occurs. joe has some of the big corporate news and this one is actually a global corporate story. >> hsbc. we're talking about paying $1.9 billion in the money lawnering lapses. a brirchb lender admitting to a breakdown of controls, in a statement announcing a deferred payment. yesterday standard chartered agreed to pay $27 million agreeing that it violates sanctions against iran and two other international companies. >> if you're an international bank and you prael without getting into this kind of trouble? >> no. >> can you actually operate without money laundering? >> i'm just saying, if you're going to be in business in all these types of markets, isn't this going to happen? >> aren't there sxwier countries that would be probably -- that it would stead if you don't want any business tale. >> was there a fascination in this country about whether you want to indict the whole institution or what happens systemically. >> is this your sequel? >> i was on the phone last night. one of the two publishers that
now owe more per person than they do in greece. by some measurements, we're worse off than greece now. this deal will do nothing to help reduce the deficit. >> senator paul, happy new year to you, to everyone out there. thanks very much for joining us. >> thank you, wolf. >> please pass along my best regards to your dad as well. >>> we have more details emerging on the secretary of state hillary clinton's condition. we'll speak with dr. gupta on the blood clot that has just been discovered between her skull and her brain. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. >>> we're following the breaking news about the secretary of state hillary clinton. diagnosed as having a blood
to get it back? we know we don't want to end up like greece. the country is still struggling today. s&p upgraded greece's credit rating by six notches. >>> lauren rousseau was 30 years old. she had recently just landed a permanent substitute teacher position at sandy hook elementary. according to her family, she died doing what she loved. spending time and teaching children. her boyfriend tony says they had just celebrated their one-year anniversary together. he sat down with poppy harlow and talked about it. that must have been hard to talk to him, hard to hear him. what did he say? >> this is a guy the same age as me and his girlfriend, the same age as well. the way that tony was describing lauren in her obituary was the love of her life. they fell in love on their first date at a wine bar. that's when they shared their first kiss. these were just two peas in a pod, the way they described one another. you know, he told me he doesn't believe that it's real, that it's permanent, that she's going to come back. he's having a hard time processing that. the way he described it to me just
of greece. greece is getting bailed out. and going on back and forth. will there be a deal by december 31st? i don't think so, but if a deal gets penned out by mid-january, we can look forward to focusing on earnings and get this fiscal cliff over with so we can see what's going on important in the world, and that's earnings. >> let me -- can i comment on that? >> yeah, sure. >> i want to comment on rick santelli's optimistic view that maybe there really is a deal in the offing. he has a point, you know. it's not over, you know, until it's over and these guys do sometimes come up with last-minute deals, but i want to be very clear. in order for that to happen john boehner basically has to agree that he's going to get a deal out of house with majority democrat votes, and i don't see why he does that before january 3rd. >> you're assuming the president has all the leverage, and i think the president would have a horrible legacy starting out with such turmoil, so i disagree. i think there's movement on the white house side on entitlements. >> rick, you do have to accept the fact that john boeh
much time talking about europe and greece. the rest of the world is absolutely on fire, where people obviously focus on is china. in september, they approved infrastructure projects. love the way the stocking is acting the last couple of days. dagen: you are bullish on the global economy. charles: for a while now. connell: you are not worried about china athol? charles: i think china is going to continue to be on a roll. i am also impressed with brazil, indonesia and turkey. the rest of the world really doing extraordinarily well. connell: we like when you go global on us, charles. what do you use, google maps or apple? charles: stuart varney is probably better than me when it comes to these smart phones. connell: i do remember when you got away from the flip phone. charles: that is only because i left it in the green room. i heard someone from the smithsonian came up. dagen: charles, thank you so much. connell: let's go to this google graphic story. it is a very popular app. let's put it that way. we will talk about that coming up. more from washington, the house speaker ready to pu
greece or italy? twenty years? i don't know. this trendline is bad. happening under bush and obama. it does not work. john: good intentions and that go bad. clean energy's. >> solyndra. the tip of the a's spurred. dozens of companies go bad. the story behind the story. campaign contributs contributors, interest free loans from the government, distorting capital, it means resources are being used less productively and workers get lower wages and it adds up to the bad situation. john: president bush says it to oklahoma you take care of things it is good for the economy. >> collor you create a housing bubble. those people were the ones that had to walk out onto the plank then we all fall into the shark infested waters 87 tax credits. >> sounds great. but from the tax code in 1913 only 14 pages we have warped into the 702000 page monster. more than 1,000 different forms to download. nobody understands. h&r block loves it but it is a news around the neck of the american economy. every page has something in it that sounds good but look what it adds up to 27 spending. the welfare state. p
years away from being greece or italy? twenty years? i n't know. thisrendline is bad. happening under bush and obama. it does not work. john: good intentions and that go bad. clean energy's. >> solyndra. the tip of the a's spurred. dozens of companies go bad. the story behind the story. campaign contributors contributors, interest free loans from the government, distorting capital, it means resources are being used less productively and workers get lower wages and it adds up to the bad situation. john: president bush says it to oklahoma you take care of things it is good for the economy. >> collor you create a housing bubble. those people were the ones that had to walk out onto the plank then we all fall into the shark infested waters 87 tax credits. >> sounds great. but fr the tax code in 1913 only 14 pages we have warped into the 702000 page monster. more than 1,000 different forms to download. nobody understands. h&r block loves it but it is a news around the neck of the american economy. every page has something in it that sounds good but look what it adds up to 27 spending. the w
the brink. greece got upgraded today. who would have thought it. that is what the market is looking at. saying okay. it is not going to be the worst kcase sharcenario, but you coul extend the middle class tax cuts and be done with it. it is in a recession. >> and i think the market would not like that very much. everybody is expecting that you get the middle class tax cuts done. >> and if you can get china and europe doing better. it is hard to be terribly bearish on the u.s. >> y are going to stay with our politico expert. this is a rally that has surprised experts. it hasn't been that easy to be optimistic. >> it is. i think you have to be cautious here. the probability that this could fall apart is very, very real. >> so, you have to be careful up at these levels as a trader. i have low exposure up here. i have protection. that is how you have to play this market. stay with us please. >> yesterday it looked like washington was inching towards a deal. but today, plan b could be signaling differences. we have karen b and sara fagan herself a former political director. i know what it m
this lawmakers do not reach a deal in time? are we on our way as some warn to becoming greece? doug mcelway is live ph washington. there are nice things about greece that you won't mind emulating, but your budget, their economy not one of them. >> the parthanon a nice thing to see when you go to athens. when ron paul was running he got huge applause when he said a government that continues to deval its currency destroys the middle class. >> they don't have the money, they run out of borrowing power, guess what they do. they start printing money. >> reporter: the federal reserve has printed more moon to deep interest rates low. most economists agree there is a big risk in there, the debt to gdp ratio is 102%. our debt is actually greater now than the amount of money the entire u.s. economy produces. even at historically low interest rates that interest on the debt will cost the u.s. $222 billion this year. 570billion by the year 20, 22 if the rates stay that low. if interest rates ricin slightly every sector of the economy will have a hard time paying its bills. >> servicing the debt is
rather than contraction. it's been since october of last year. also abroad greece announcing it will buy back bonds through a dutch auction. the set up whether allow athenss to assess the level of demand before setting a final bryce for the deal. part of the country's efforts to cut its about a along debt. and in germany, merkel is not ruling out the possibility of notifying greece some of its debt once athens finances are in better shape. angela merkel told a german tabloid that the question of the so-called haircut can be revisited. in the past, merkel's government had ruled out forgiving any debt. >> in corporate new, ubs is reportedly close to a settlement. the "new york times" says the swiss bank is expected to pay horn $450 million over claims that some of its employees submitted false libor rates. that's pretty huge story and we will take a look and ten to see what happens with this. also morgan stanley trader is under investigation by cme regulators over trades and treasury futures four years ago. at the time he was employed by goldman sachs. he's now head of global interest rate
the stand outout here is the euro. greece getting a five notch upgrade at the s&p. our road map this morning starts with gm. government motors no more. the treasury to exit its stake in the next 12 to 18 months, purchasing 2 million shares by the end of this month. >> another challenging quarter for fedex with the blame squarely on sandy. but the stock is up pre-market. >> oracle posts a strong quarter with even stronger guidance. the season rebound in europe. no impact from the fiscal cliff. >> and ge gets boosted from ubs's key call list on the weaker than expected macro environment. still on the list is including -- well tell you in a couple of minutes. >> general motors is up sharply in the pre-market session. the treasury department says it intends to sell the rest of its stakes in gm in the next 12 to 15 months. the automaker will buy back 200 million shares from treasury for $27.50 a share. treasury says it plans to sell its other remaining shares through various means in an orderly fashion. timothy masssad will join us later. this could be a buy signal with the government signaling i
, including the tax rate hike though i don't like them to get, to save the country from becoming greece. i'm not going to set aside the $1.2 trillion in cuts. >> if the president does return to washington this week, unclear whether he will come back here to hawaii for new year's with his family. joe lieberman says he expects the senate to be in session on new year's eve, working on a deal down to the wire. >> thank you, ed. markets dropped on shortened day of trading. dow fell 52. s&p 500 lost 3.5. nasdaq down 8.5. might be a blue christmas for retailers. shoppers came out in droves but spent less this holiday season. however, sales are way up for those selling american made goods. correspondent william la jeunesse has the latest on the push for red, white, blue products. >> i sign trade agreements that help the companies sell more goods to millions of new customers. goods stamped with three proud words. "made in america." >> while it's true abroad that the u.s. products have a reputation for quality, getting americans to believe is it a challenge for retailers. >> nation that doesn't make
and greece. it is not a pretty scenario. >> tell me this what happens when we judge up against it? >> everybody starts wondering when we are going to raise the debt ceiling. there's a debate because they don't like to. then you have all of wall street looking at this wondering if we will be able to pay our bills. you remember what happened last time around the market sold off 2,000 points over the 2 month period. it was dramatic and hurt people's 401 k's. if you can't pay your bills you get a downgrade. >> again. >> it's not going to be good news. you know what happens you can't borrow as much money. >> that's what happens to me. >> it costs you more to borrow. all of us coming together it will be -- it could be we would be watching none of this would come to a surprise fell off the market every single day. they know what's happening. they know what's going on. it's not a surprise but nobody likes to see it. >> when they raise the debt ceiling is that to pay off debt already accrued. >> the money is already out the door. that has been spent. that is money we spend on other things.
, greece. things are getting worse everywhere. the austerity measures, what austerityeasures? i got one. make a story. i'll make a bad bet. i n't want to take my losses. of take the money from you, mr. citizen. of tax you more, cat your services. what you do did you will pay more for my note that your pension and benefits. tom: how does all this in? we wind up with pitchforks? >> it's happening now. they don't call it class warfare. that is what is going on over there. again, there is no air spring. there's nothing about a pro-democracy ment. r tofew had much too much and way too many head was too little. the people in the street that one piece of the pipe command it's going on around the world. and for some reason people are oblivious to it. look in this country, college graduates, the income is declining eight or 0% since the recession. you can't find a job. 3 percent of them have jobs paying high-school wages. so you're right. it's not getting better, and again, we have the incompence in wasington making things worse. tom: but the numbers, you look at the numbers and you see those nu
of trying euro trend. >> that's fine. >> misery loves company. we can have it all forever, like greece. >> we're not greece. and that's the whole point. neither is britain which is pretending its greece, and look where it's getting them. britain's not growing at all. >> would you do some stimulus? >> i probably would, yeah. >> what kind? >> there's a ton of infrastructure that needs to be done in this country. >> then do it. and borrow money -- >> it's free. we can borrow money for free for 30 years in real terms. the market is not telling the u.s. to tighten fiscal policy. it's telling the u.s. to borrow some money. >> can you make sure we only do things -- we're not going to fill high speed rail lines between cities no one wants to travel to? >> if you spend a billion dollars i can't guarantee that every last cent of it is going to be spent properly. >> how moan solyndras will be in that balance? >> only two. >> you have to deal with the issues that krugman never deals with. i love the explanation we should spend spend spend. what happens when interest rates rise? two is you're talki
they agreed to give greece now within days 34 billion euros. they've done a deal where the ecb will regulate the biggest banks in europe and, importantly, the germans will be exempted, state run banks, savings banks. so the skeletons can stay in the german closet there as far as the banks are concerned. that was important for the germans. it is ironic in a year when so many people called for a breakup the european union this summit, poland actually said we'd like to start off applications to become the 18th member of the eurozone. that will play out during the course of next year. as far as the stock markets are concerned, today is relatively flat overall. no follow through from china which i mentioned earlier. i thought it was very interesting. here you go. >> the european markets are closing now. >> some are red. some are green. if you check the data you'll see we haven't really moved at all today. china was up 4%. shanghai was up 4% overnight. normally you would expect the australian miners, global miners listed in london to bounce on that. they didn't very much today. and that is partly
the european markets are up for the year except portugal, which is up slightly. even greece is up year to date. i don't think you're too late on that trade at all. in fact, i think, quite frankly, the structural changes that are happening in europe could produce growth for many years come. >> where are you putting money to work, george? >> the fiscal cliff is sort of the uncertainty du jour. people are always worried about next uncertainty. you need to blow past that and think about where the next good stocks going to be, how can i invest, how can i participate? taxes are likely to go up, but this is a lot of rattling. both sides of the aisle would come together. they'll figure out what's best. at the end of the day, they know they have to help the little guy, the consumer. pool corp. sells everything but the water. they're suppliers for the pool industry. we think they'll grow at 18%. they have very little debt. it's like an annuity. all the pools in this country are seven years old. we love that kind of stock. >> bill, i take issue with the idea this is just saber rattling. if dividends trip
your retirement, have brought us to the brink of becoming greece, the people that are stealing from their children and breaking open their piggy banks, how can they call people who pay half of the taxes greedy? they're the ones that are agreey, they're the ones that are selfish, and they're the ones that have spent beyond their means. you rarely hear that. why is that? the left controls most media outlets in the country and they define compassion and generosity by spending other people's money. this is a selfish, massive power grab and this is done by greedy politicians, you know, the ones that claim they care about you as they crat -- as they create d see, there are 18 mor million me americans on food stamps. 50 million americans in total on food stampletion. one in six americans live in poverty, millions more living paycheck to paycheck. i suspect with all the government compassion, i believe people would rather live debt-free. there's a lot of good time spending their money and then blaming the people who are giving them the money. if we're going to save america, we've got to rec
rumors out of greece. >> you guys hopeful on the floor that we get a deal sometime soon? >> you may not get a finalized deal but you'll get something done before the year end which will give us confidence to keep the market stabilized. >> members of the house tomorrow go home tomorrow for christmas. can you get a deal if they are home? >> i think you can. i think it's a little more di
. >> did you see the s&p upgraded greece today by six notches? i had to hit the machine to make sure that was the correct number there. >> well, you know, a lot of volatility in rate. >> bob pisani, what do you think today? a pretty good real under way? all about the fiscal cliff? >> well, the markets, is bullish because the markets are acting like 2013 will resolve a lot of problems so we've multi-month highs in the stock market. we have the safe haven, gold and bonds just getting hit badly again. i mean, bond yields are moving up. gold is moving down on a day when the dollar is -- is weak today, so the markets are sort of acting like things are actually going to resolve themself. even now, maria, you might notice, the headlines out this afternoon aren't bullish. markets believe a deal is coming quickly. >> so do you guys. you don't have any necessarily different guidance or expectation or reports than we do, and you both are very much in step that a deal gets done what. if it doesn't? >> i kind of think what's going on right now is a little dance. everybody has to appeal to their c
are talking about. >> the real cliff is america has become a greece. thank you both. >> happy new year's, guy. >> good to see you both. coming up, what exactly is going to happen if we go over the so-called fiscal cliff. what happens to your wallet. we will detail the five ways this is going to impact your family, your wallet and your finances. and also new york governor an drew cuomo is ready for a fight over gun control. he's even talking about confiscating weapons. how far is he going to go? all of that and more later. and sam donaldson tells tea party america this is not your country anymore. with the spark cash card from capital one, olaf gets great rewards for his small business! pizza! [ garth ] olaf's small busins earns 2% cash back on every purchase, ery day! helium delivery. put it on my spark card! [ pop! ] [ garth ] why settle for less? great businesses deserve great rewards! awesome!!! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? smoke? nah, i'm good.
this year were things that didn't happen. no greece exit, no china hard landing and no u.s. slipping into a recession. therefore, the market has been able to lift. >> the last thing that may not happen is the fiscal cliff resolution, too. that could throw an iron in the fire. we've all got to be mindful of the possible debt downgrade. moody's and fitch are still at aaa and they have been rumbling they might take us down, and i think if s&p goes down a notch, mandy, that's not good for the market. >> the fact that these predictions did not come true i guess show that making predictions -- >> it shows the value of strategists. >> okay. >> it shows the value of vat jists. >> what are you predicting for 2013? >> i think you have to watch things in europe. the big day is the september 11th elections in germany and germany could be harder after the election. in the first half is the sent ceiling discussion and finally profits, personal income and production, if those can do better than the markets can lift but right now the view is for a nothing market from here till year end. once the sea
. there are solutions to this. this is not europe. this is not greece. there are solutions. it's the politics that mess everything up. >> yeah. you're absolutely right. getting back to the issue of tax rates, it looked like we were getting closer. boehner offered to raise mate raitts for those making more than a million dollars a year, and the rate would only increase on the amount of money you earn over a million dollars a year. just raising those rates were a major concession for any republican. president obama, who insists on letting the bush tax cults expire for earns making more than $250,000, or at least that's how he presented it during the campaign, offered to let those taxes rise on those making more than $400,000 a year. we're talking marginal rates then so, that would be only on income above $400,000. by the way, mark, $370,000 a year is what puts you into the top 1% here. you're an economist. all those income levels, 250, 400, a million, flying around for raising rates, what in your opinion is the breakoff point at which raising rates would substantially hurt the economy? >> well, i mean, i
maybe, the worst is finally past, there's some hideous headline out of greece or portugal or spain or italy that the comes back with a vengeance and the s&p gets bashed down by a torrent of selling. that's why it's so important to prepare yourself and your stocks for the next catastrophe around the corner. expected or unexpected, so that you can make money in any market, or at least lose less and not just when things are going smoothly. you have to build this stuff into what i call your world view. you have to assume that somewhere, sometime, something will go wrong. i'm not saying you should be a super skeptic perma-bear, not at all. over the course of my 31-plus years in this business i've seen the averages climb way too way, watched the market make people way too much money to ever be that cynical and close-minded. being negative all the time has not historically been a lucrative strategy, and i don't see any reason why that should change now. there are a handful of incredibly smart, professional short sellers, hats off, able to turn pessimism into profits but i don't recommend
that italy and greece would be following in disaster. of course, they subsequently turned out to be the single best places to invest for fixed income in the world. not only did the sky not fall, but you had to do some serious buying to keep up with the others around the world. that's still the case. we have been buying an etf for my travel trust. was there a more uniform agreement than the idea that the euro had to die and the weaker countries were going into a depression? i think they'll have slow growth for years. we know a ton of countries that could do very well in a low-growth environment. a year ago all the wise guys were telling us to avoid china because it was a house of cards. the course only grew more uniform through the summer and fall with the chinese market falling to multiyear lows. but in the last few weeks, china's economy bottomed during the summer as they were focused way too much on beating inflation. now it's become the best performer in the world, and i don't think you've missed the move which is why my trust has been buying an etf that mimics china. final
us from becoming greece. >> i want to bring in national political reporter for the ap and matt welch, editor and chief of "reason" magazine. good morning. >> good morning. >> so last night apparently team obama called boehner and asked for more details on taxes. boehner's office said they're waiting for more details on spenting cuts. liz, why does it matter who gives what details first? what's the game here? >> well, i think what you're saying is whoever gives the details first, the other side is going to have an advantage to either position against those details. you know, the white house during health care debate, for example, was very -- it was, you know, step back and didn't give many details as to what they wanted to do because at the beginning because they didn't want to target on their back. i think this is almost a game of chicken right now. the problem is it's a game of chicken with very, very high stakes. and you've got the white house out there, you know, publicly putting pressure on republicans by sending obama, for example, to michigan but gamt trying to negotiate behind
it was dubai and bp oil spill or greece or spain or the deleveraging or foreclosures. any of these things that we're supposed to take us out and yet we keep moving. i think the fiscal cliff is another one of these. >> let me ask you about the timing then. deutsche bank had a note out yesterday where they suggested that central banks have bought us a six months of time on the markets. if pmis do not improve, will we see growth? what would you say to that view? >> i mean, i'm pretty simple on this. i do not believe and we could debate this probably all day that quantitative easing itself has helped the economy at all. banks put that money right back to the fed as excess reserves. it hasn't boosted money in the economy. i don't believe that we've seen a false rally or sugar high. i think the growth in the economy and growth in the markets has been driven by productivity and profits. i think it's real. it's slow. it's real. we're going to have a weak fourth quarter. i believe most of that weakness is because of sandy. we're going to pick up later in the quarter. we'll have 2.5% to 3% growth n
heard it compared to the fiscal crisis in greece, 63% had heard it. in that number 36% had read a lot about it or heard a lot about it. do they believe a solution is likely? our numbers different from other poles. americans are more optic. first of all see what they think, unlikely 73% back in november when we asked about the debt program would there be an agreement, 73% saying that, now 44%. the number you want to think is 4% to 44% thinks a solution is likely. who thinks it's likely, that's interesting and driving this number. he can break it down by party. look at what we find, republicans 52-42, independents, i come back here, there we go, independents 47-32 and it's really what you see here 60% of democrats think it's unlikely. i just want to show you again when we get to the issue of 48% to 44% believing it's likely, it's mostly different by democrats. we it break it down further into what people expect, what kind of solutions work? think of this chart as the politician's guide to solving the fiscal cliff and remaining in office. the net percent acceptable minus the percent that
. that something has to be growth and i still don't see how europe has a plan for more growth. >> we know greece is done with because they've already restructured their debt and what they did in the last two weeks, which the germans said they should do, they should have done three years ago they'd be better off. spain is the immediate problem, you have 26% unemployment which is non-performing loans. >> we have to go, 2,200 pages of health care, i'm sure the notes spain's taken how greece has got money at every turn, their pile is a bigger pile than the health care plan. >> i could listen to you guys talk all day long. that was a great conversation. yra, rick, thanks so much. see you in a bit. >>> zynga stock popping. julia boorstin is live in l.a. with more. >> good morning to you, carl. this is the first of many steps before zynga can make money from online gambling. applying for a real money gaming license in nevada is a sign of zynga's seriousness creating new revenue streams. it sent it up as much as 9% higher today. the company warns it will take as much as a year and a half to get approval
. google is flying from south to north. so i think they're kind of mingling right now in greece. so in santorini. this is his dashboard. you can see where he is. there's a lot of games. kids having a ball with it. it shows you where santa is. he's leaving his presence as he moves. he's moving from africa north. so now they kind of just bypassed each other in greece. and now google is now in finland where the other guy is. or similar santa was earlier. they're kind of meeting in the middle. just around the equator. >> here's the thing, we just don't want a midair santa crash. that would be the worst case scenario. thank you so much, alexandria, in an age of e-mails and tweets, here we go. it's nice to know that a letter can still be a powerful tool. it also helps if you have a powerful role model. that would be 9-year-old gabriella miller. she got strangers from around the world to write letters to santa. that out pouring will bring some joy for severely ill children like gabriella herself. now, our affiliate has the story. >> we have a mountain of letters here. >> reporter: chris' c
don't slash medicare we're going to end up like greece. well, that's just stupid. >> stephanie: yeah. but you know this is what i have been talking about all morning. and i couldn't stop playing that clip for you from david gregory. sunday after the election should the president bring in mitt romney to negotiate the fiscal cliff. maybe the fact that grover norquist has a seat at the table, as if he won this election. >> i can see putting him in there, but the party is at least pretending to run away from him right now. >> stephanie: right. >> for all of the people who are running away from him, i think we should notice we are essentially arguing to bring the top marginal rate back up into the lower 30s. >> stephanie: exactly. i love the way you state. you say i have said it more than once it's not the president's job to tame john boner's tax reform um. he has no obligation to water these down just to get a deal down just for the sake of appearances. i mean that's exactly it. the president has more leverage than he obviously had last summer. >> and -- and -- if boehn
like greece, spain and italy have been tackling their problems with sharp cuts in spending and higher taxes and that's been fueling recession and unrest. meanwhile, we now know that japan officially slipped into its own recession over the summer with the japanese economy contracting 3.5% between july and september. now, the previous quarter, the previous three months number was also revised lower and that makes for two consecutive quarters of negative growth and that's the classic definition of a recession. from asia, back to america, literally, a group of chinese investors agreed today to buy an 80% stake in aig's aircraft leasing business. back in 2008, the insurance giant was bailed out by the u.s. government to the tune of $180 billion. four years on, still paying back the money by selling off assets including the aircraft leasing unit that complemented aig's airplane insurance business. if u.s. regulators apro s appro deal, it will be one of the largest ever by chinese investors. china's state owned oil giant c-nook swooped in to acquire nexen for a cool $15 billion. note to the
farm in maine that helps turn greece into finding peace. >> i know when chris died, we kept thinking about how we were going to remember him. and we kept thinking that his spirit was moving through the trees every time you saw them moving. i seem to be drawn to maine even though i've never lived here. it's pretty amazing. >> we're in the wreath business and have been since 1971. columbia falls is a little town in coastal washington county. the perfect little country town kind of thing. we're looking for 12 to 18-inch pieces. as fast as this brush is coming in, we're using it on the other end. we're out on the land that produces the tips for national wreaths across america day. >> each wreath is made of balsam that is picked off of our own land. it began as a family tradition to donate 5,000 wreaths to arlington national cemetery. >> a great source of pride for my family. it's our little way of giving back to the country is through the veterans wreaths program and the new veterans remembers trees program. >> that's captain brent morale, u.s. marine corps. this is another tree has been
for revenues including tax rate hikes although i don't like them to save the country from becoming greece but i will not set aside $1.32 million in cuts. >>reporter: if nothing happens by the end of the year taxes go up for everyone. >>heather: when do we get back to work on a fiscal cliff clear? >>reporter: shortly after christmas when speaker boehner and the president are back in washington. before leaving town, president obama scaled back his goals for the last few days of the year between now and new year's focusing on middle-class tax cut and extended unemployment benefits. he is holding out for higher tax on the wealthy. the supporters say that should come as in surprise. >> on taxes, i know it is hard for the republicans but the president ran on that platform, $250,000 and no taxes for people below and he won 60 percent of the voters saying they are for it including some republicans. >>reporter: senator lieberman, an independent from connecticut says it is looking likely we will go over the fiscal cliff. >>heather: thank you from washington, dc, steve. >>gregg: president obama spending t
in europe, greece was the problem child that spent too much, saved nothing and threatened to take down the euro. new leadership, pay cuts, higher taxes as their weary government begs for more cash. committing to save the euro. it lives on, but for how long? >> the deadliest month to date as the assad regime intensified its air power. >> how much longer can this man hold on to power? bashar al assad was under even more intense pressure to step down but his regime stepped up the fire power against the opposition, civilians caught in the crossfire, more than 40,000 people have died so far. >> reporter: this is yet another bread line. >> the opposition fights on, making more dramatic gains than ever and gaining pledges of support from the international community. number one, she fought back from the brink of death after being attacked on a school bus. the taliban shot malala yousafzai. she survived, wake up in a british hospital and, according to her father, immediately asked for her school books. the world was gripped, moved and inspired by the story of one determined young girl facing do
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